Sovello is latest German 'Solar Valley' star to hit hard times

Sovello – one of an array of PV start-ups affiliated with Q-Cells before the German giant stumbled onto hard times – has followed its former backer into bankruptcy after being unable to pay its debts.

Chief executive Reiner Beutel says the company has “checked alternative scenarios to regain solvency”, and hopes that a restructuring process will allow it to get back to competitiveness.

Sovello has enough money to pay its staff to the end of July 2012, and will remain operational for the time being.

“The smoother the business can operate in the short-term, the more chance we have to rehabilitate it in the medium and long term,” says Bernd Depping, who has been named interim trustee.

Sovello was founded as EverQ in 2005 by Q-Cells and US-based Evergreen…

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